Bitcoin [BTC]’s increase in popularity has been quite evident with prominent personalities in government as well mainstream institutions taking a keen interest in its use cases and downsides. In his latest blog post, Anthony Pompliano, the founder and CEO of Morgan Creek Digital Capital, stated that ‘banning bitcoin will drive more adoption’.
Pompliano made this claim in connection with Congressman Brad Sherman’s recent call to outlaw cryptocurrencies in the United States. The Morgan Creek official stated:
“He believes that the purpose of these digital currencies “is to solely aid in the disempowerment of the United States and the rule of law.” These comments were part of a broader statement made while trying to “look for colleagues to join me [him] in introducing a bill to outlaw cryptocurrencies…purchases by American citizens so we nip this in the bud.”
According to the Bitcoin bull, the reason why politicians are attacking the crypto-ecosystem is that they would lose a considerable amount of power if there was an asset that challenged the existing dollar. He also added that the entire process of implementing a blanket ban on cryptocurrencies would not work because the “laws would be nearly impossible to enforce”.
Pompliano added that the comments from politicians were actually hurting the market as a whole at a time when even Facebook was jumping on the cryptocurrency bandwagon. He said,
“If Congressman Sherman is upset that Bitcoin could hurt the prospects of the US dollar, wait until he finds out that Facebook has the possibility of becoming a digital central bank to 2+ billion people around the world. Simply, the genie is out of the bottle and fiat currencies backed by sovereign nations are in deep trouble.
The Morgan Creek CEO further opined that adding Bitcoin to the country’s roster would not disrupt the dollar, at least in the next 10 to 15 years. He stated that there were other reasons why the dollar would be weakened, including China or Russia getting into Bitcoin and other cryptocurrencies.